Published On: Fri, Jun 3rd, 2016

CME Group Granted License to Clear Interest Rate Swaps in Japan

Christopher Fix, Head of Asia Pacific, CME Group

Christopher Fix, Head of Asia Pacific, CME Group

CME Group, the world’s leading and most diverse derivatives marketplace, announced that Chicago Mercantile Exchange Inc. (CME) has been formally granted the status of Foreign Clearing Organisation (FCO) by the Prime Minister of Japan on 1 June 2016.

With this FCO status, the clearing house division of CME, CME Clearing, is now able to clear non-Yen interest rate swaps on behalf of Japan-based financial institutions.

“We are pleased to obtain this license to clear non-Yen interest rate swaps, as we have seen significant demand for our services as our clients look to benefit from capital efficiencies for their interest rate swap portfolios,” said Sunil Cutinho, Senior Managing Director, and President of CME Clearing. “We look forward to helping market participants access clearing services across multiple asset classes and jurisdictions.”

“This is an important milestone for CME Group in Asia Pacific, as we continue to deliver on our growth strategy,” said Christopher Fix, Managing Director, and Head of Asia Pacific, CME Group. “Tokyo is an important global international financial centre, and we are pleased to be able to play a role here in helping to integrate the global interest rate swap market into Japan, and strengthening Tokyo’s position as an OTC derivatives hub.”

CME Group has been serving clients in Japan for close to 30 years. Its Tokyo office is the oldest in Asia, having been established in 1987. In 2012, CME Group appointed Dr. Izumi Kazuhara as Executive Director, Head of Japan, to develop growth opportunities and customer relationships in Japan.

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